Among the many commodities-related exchange traded products that are struggling this year, the iPath Bloomberg Coffee Subindex Total Return ETN (NYSEArca: JO) is part of that group. JO, the larger of the two coffee exchange traded notes (ETNs), is off more than 8% year-to-date.

In the early stages of 2017 there has been ample discussion regarding the stronger dollar and the odds of the Federal Reserve boosting interest rates multiple times this year, factors that would likely hamper commodities exchange traded products. However, the dollar has been a disappointment this year and that could help JO if the ETN tries to rally in earnest.

Data suggest traders are tussling over the near-term outlook for coffee futures.

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